Fuel prices including that of diesel will go up in Qatar in January, the Ministry of Energy and Industry announced on Thursday.
The ministry said the 91-octane Premium gasoline will cost QR1.50 a litre (QR1.45 now) and 95 Super QR1.55 (QR1.50 now) in January. Last updated: December 29 2016 08:19 PM
Diesel will cost QR1.45 a litre next month instead of QR1.40 now.
Since the introduction of monthly fuel price fluctuation, diesel price had remained at QR1.40 a litre.
Fuel prices in Qatar were allowed to fluctuate in response to changes in the global market from May 1.
Every month, a special committee comprising representatives from various government bodies, reviews the fuel prices and makes recommendations for the local market accordingly.
The monthly revision followed the government’s decision on fuel subsidy reforms in Qatar.
Crude oil prices generated a massive growth of 25% since mid-November, buoyed by the expectation of production cuts of nearly 2% from global markets.
Oil prices steadied on Thursday after a surprise increase in US inventories helped stall an upward trend that has pushed global crude benchmarks to their highest levels since July last year.
US light crude was down 5 cents at $54.01, while North Sea Brent crude was up 25 cents at $56.47 a barrel.
Both crude oil benchmarks have made big gains this month since Opec and other producers agreed to curb production in an attempt to balance an over-supplied fuel market, a Reuters’ dispatch showed.
A committee of the Organisation of the Petroleum Exporting Countries and non-Opec producers will meet in Vienna on January 21 and 22 to discuss compliance with the production agreement, Kuwaiti Oil Minister Essam al-Marzouq told state news agency Kuna.